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DRAFT NOT APPROVED 3 MU205\52\637644.v5 Although not conclusive or binding on either party, it is the intention of the parties that this Agreement: (a) documents the present understanding and commitments of the parties; and (b) will lead to the negotiation and execution of a mutually-satisfactory development agreement or contract prior to the termination date of this Agreement. The development agreement (together with any other agreements entered into between the parties hereto contemporaneously therewith) will supersede all obligations of the parties hereunder. 3. Duties. (a) During the term of this Agreement, the EDA agrees to: (i) Proceed to seek all necessary information with regard to the anticipated public costs, if any, associated with the Development; and (ii) Should negotiations be successful, enter into a purchase and development agreement, satisfactory to the EDA in its sole discretion, with the Developer for the Development. (b) During the term of this Agreement, the Developer agrees to: (i) Develop and submit its detailed proposal, including the plans and specifications, for purchase and development of the Property; (ii) Conduct a due diligence review of the portion of the Property included in the Development, including without limitation, which must be acceptable to the Developer in its sole discretion: title, survey, environmental (Phase I & Phase II reports), soils, and market studies; (iii) Obtain approval by the EDA and the City (including its Engineer, Planning and Inspection Department, and any other governing authority) for approval of the site plan, exterior elevations and finishes, and zoning approval; (iv) Obtain any other necessary governmental approval from any governing authority; (v) Obtain financing on terms acceptable to Developer, including but not limited to public subsidies (such as pay-as-you -go TIF in a mutually agreeable amount, and housing tax credits), private loans, or equity investment(s); and (vi) Should negotiations be successful, enter into a purchase and development agreement with the EDA for the Development. 4. Developer Submissions; Business Subsidies; TIF; Housing Tax Credits. (a) The EDA understands that the Developer may be seeking business subsidy assistance from the City and/or the EDA. During the term of this Agreement, Developer shall: